BNP Paribas has signed an agreement for the acquisition of Kantox, a leading fintech for automation of currency risk management. BNP Paribas will accelerate and extend Kantox’s offering to a wide range of corporate clients across the globe by leveraging its integrated business model.
The acquisition of Kantox is supported by the Global Markets business of BNP Paribas’ CIB division and the business centres of the Commercial, Personal and Banking Services (CPBS) division. The two divisions aim to deploy Kantox technology to large corporate as well as SME and Mid-Cap clients, capitalising on market knowledge and local presence of the group.
Philippe Gelis, CEO and Co-founder at Kantox, said, “We have been serving clients together since 2019 when our technology partnership started. During those 3 years, we spent a lot of time together in the field, getting the opportunity to understand that together we were stronger and able to bring more value to clients. It is the best of both worlds, the leading software company in the currency management automation category and the leading bank in Europe.”
This acquisition illustrates BNP Paribas’ Growth Technology Sustainability 2025 plan, for accelerating the development of technological innovations, to enhance customer experience and to provide best-in-class capabilities to its clients.
Yann Gérardin, Chief Operating Officer, Head of BNP Paribas CIB, said, “The acquisition of Kantox presents a further illustration of our ability to establish long-term partnerships with fintechs in an ever-increasing range of areas. Supporting our clients in their international development and providing them with the most advanced technological solutions have always been our priority and are as such key pillars of our GTS 2025 strategic plan.”
Thierry Laborde, Chief Operating Officer, Head of BNP Paribas CPBS, said, “This acquisition demonstrates how our distinctive model and integrated platform strategy are able to create value and develop business opportunities. Our leading positions with European companies of all sizes will enable Kantox to further accelerate its development, while improving our customers’ experience.”
BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 65 countries and has nearly 190,000 employees, including nearly 145,000 in Europe. The Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporate and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance, based on its strong diversified and integrated model.
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